From left: Paramount Assets Chief Operating Officer Maurice Levy, Chairman Solomon Levy, Newark Central Ward Council Member LaMonica McIver and Richard Dunn, senior vice president with Paramount Assets, were on hand recently to mark the opening of Clinton Flats at 30/40 Clinton St. in Newark. — Courtesy: Paramount Assets
By Joshua Burd
A developer has unveiled a collection of 47 new apartments inside two historic commercial buildings in downtown Newark, its latest project in the state’s largest city.
According to Paramount Assets, the complex known as Clinton Flats is already 50 percent leased. The firm says the project at 30/40 Clinton St. has drawn renters with its location in the central business district, its distinctive architecture and a series of upscale amenities.
“These adaptive reuse preservation projects provide a unique living experience in the heart of Newark’s vibrant downtown,” Richard Dunn, senior vice president of Paramount Assets, said in a prepared statement. “Paramount Assets is proud to offer another exceptional opportunity to live in a building of special historic significance so beautifully preserved. We are especially proud of our expertise and experience in this area, and the opportunity to preserve the beauty and character of these buildings, while contributing to the revitalization of this great city.”
Paramount marked the project’s completion last week with a ribbon-cutting ceremony, joining local officials at the nearly 48,000-square-foot complex. The larger property, 40 Clinton, is a 107-year-old building that now includes 26 one-bedroom apartments and one two-bedroom unit, with the U.S. Postal Service occupying 2,602 square feet on the ground floor.
The developer, which noted that the building was home to the original Seton Hall Law School, has restored the exterior and preserved features such as the decorative lobby, its original mailbox system and its copper windows.
The adjacent property, 30 Clinton, was built in 1910 and originally housed Newark’s Board of Education and Teacher’s Union Benefits offices, according to a news release. It now houses five stories of residential space with 20 studio and one-bedroom, one-bathroom units and 2,340 square feet of first-floor retail space.
The building also boasts a fully furnished rooftop terrace with elevator access and views of downtown Newark, including the Prudential Center and the new Mulberry Commons park. Other amenities at the complex include a fitness center, a lounge and tenant storage.
Both 30 and 40 Clinton are included in the National Register of Historic Places.
“The central ward is booming and the mayor and I are excited about it,” Newark Council Member LaMonica McIver said. “Today is another move on the chessboard for us as we cut the ribbon to this amazing development, adding to the great portfolio in the city of Newark, and, of course, under Paramount Assets.”